Azerbaijan announces investment competition to privatize enterprise producing metal-cutting lathes

The Azerbaijani State Property Committee announced an investment competition to sell 99.7 percent of the shares in the Baki Dezgahqayirma, producing metal-cutting lathes, the State Property Committee said.

Some 85 percent of the shares put up for sale fell to the standard investment package, while 14.7% remained after the preferential sale to the labor collective. The competition is open to Azerbaijani physical and legal entities and foreign investors.

Applicants must submit an investment program with proposals to introduce new technologies, increase range of products, open new jobs, social welfare of workers, as well as to submit a bank guarantee for 5%. Applicants must submit offers to transfer 600,000 manat to the state budget.

Baki Dezgahqayirma is engaged in production of metal-cutting lathes and means of their technological equipment. The company is located on the Str. Y. Huseynov, 114, in the Bilajari settlement in the Binagadi district of Baku.

The enterprise's authorized capital is 1.79 million manat with 892, 988 shares. The face value of each share is two manat. A total of 890,300 shares with a total face value of 1.781 million manat have been put on tender.

As of Jan.1 the company's debts hit 25,890 manat, including debts to pay for raw materials, rendered services and work at 1.53 thousand manat, and debts to pay wages at 20,630 manat.

The enterprise’s accounts receivable hit 37,170 manat. The enterprise has been operating since 1982.

Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:30 until May 17, 2011. Documents and proposals must be submitted at 10:00-17:30 until May 17, 2011.

The proposals will be considered by the Committee's contest commission from 11:00 May 19, 2011.


/Trend/